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wage garnishment

Hiring an Attorney for Wage Garnishment

Wage garnishment refers to the process of forcibly taking a portion of someone’s regular earnings.  Garnishment is one way that the IRS or New York State satisfies a tax debt. Garnishment can be used to satisfy all kinds of debts, though.  It can be used by creditors to collect credit card debt, medical debt, student […]

Allowable 1031 Exchange Closing Cost

What Is An Allowable 1031 Exchange Closing Cost?

As we’ve seen first-hand, there are many tax issues which come up when contemplating a Section 1031 exchange. In the past, we’ve discussed state taxation vs. federal taxation, leasehold improvement exchanges, reverse exchanges and the identification rules. All of these issues are important and should be studied carefully in order to ensure strict compliance with 1031 guidelines. […]

Debt Relief

Do You Qualify For Debt Relief?

In earlier posts, we’ve devoted considerable time and energy to discussing common debt related terminology. We’ve discussed terminology associated with debt consolidation, for instance. This terminology is critical to grasping this important topic.  Accordingly, our readers should definitely take time to master it. We’ve also covered concepts related to tax debt resolution, concepts such as offer-in-compromise, installment agreements and […]

Student Loan Debt

Can Student Loan Debt Ever Be Discharged? 

The old saying, about death and taxes being the two certainties in life, is outdated.  These days, debt is the third certainty.  No matter how much Americans plan and structure their finances, many seem destined to be saddled with debt. We’ve discussed this plenty of times on our blog before.  We’ve even published a glossary […]

Illegal Activities Taxable

Is Income from Illegal Activities Taxable?

The U.S. Tax Code is a very curious thing. It contains more words than the Bible, a lot more.  In fact, it has enough rules to make even the sharpest mind a bit puzzled from time to time. When we think of Tax Code violations, we often picture an ambitious employee seeking to maximize a […]

1031 identification rules

Understanding the Sec. 1031 Identification Rules 

Section 1031 offers multiple benefits.  It’s not merely a means to allow real estate investors to switch between different properties in a tax-deferred manner.  It can also be used to help investors grow their wealth over the course of time. Say, for instance, an investor builds up substantial gains in a certain property.  That investor […]

boot in 1031 exchanges

Taxation of Boot in 1031 Exchanges 

In an ideal situation, a Sec. 1031 like kind exchange involves a total of two parties and both parties defer substantial gain. This is an ideal scenario for several reasons.  First, there’s no need to procure the services of a 1031 facilitator or “qualified intermediary”.   No facilitator is required in a two party direct swap […]

Business Debt

How Best to Manage Your Business Debt 

Starting a business is undoubtedly one of the more significant endeavors a person can attempt in life. That’s true regardless of whether or not it turns out to be a lasting success. Starting a business can be more than just a ticket to greater financial independence.  In some cases, it can provide substantial wealth, yet […]

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